Italy is famous for its incredible contributions to the world of arts and architecture.
By 2028, the value of NFT spending in the country is estimated to reach $3.6 billion.
Italian artists even have their own management group, dubbed "crypto renaissance," to assist Italian NFT artists.
The way the world does business, an unexpected player has surfaced in the digital art world: Italy.
Italy, a European country with a long Mediterranean coastline, has exerted a profound influence on Western culture. The country is famous for its incredible contributions to the world of real & virtual arts and architecture.
In line with this, a report from Research and Markets claims that the country’s NFT market would increase by 47% by the end of 2022. The reports further added that the country is also willing to create a crypto art renaissance in the near future.
These developments will assist the Italian NFT market to surpass the $671 million market valuation by the end of 2022, encouraging citizens to engage more in this burgeoning sector.
The Italian NFT market-backed "Crypto Art Renaissance" will manage and promote the digital artworks of Italian artists, thereby accelerating the growth of the country's NFT sector. Meanwhile, the Italian artists have formed their own management group called crypto renaissance to assist the ground-level artists of Italy.
After the establishment of the group, Italy's NFT industry is expected to increase at a compound annual growth rate of 34.6% over the next five years. It was also anticipated that by 2028, the value of NFT spending would reach $3.6 billion.
As mentioned, the country is well known for its artistic and cultural works. Several significant financial institutions and fashion brands in the country have also incorporated blockchain, NFT, and metaverse technology into their daily operations. This indicates that the country will undoubtedly see widespread adoption of these emerging technologies in the times to come.
Furthermore, as NFTs have transformed digital artwork by introducing security to the market, investors are drawn to Italy's unique and unrepeatable digital realm. This has resulted in real-world opportunities in Italy, which has been referred to as a "New Renaissance Era" for Italian artists.
What are your thoughts on the Italian NFT market? Do you believe the Italian NFT market will expand as predicted by the aforementioned report? Share your thoughts in the comment section below.
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